About Dhofar Insurance Company
DHOFAR INSURANCE COMPANY (S.A.O.G) was established with a paid up capital of RO.3, 000,000 ($8,000,000) to what now represents the largest insurance company in Oman and the third largest in the GCC region, in terms of premium value and capital which now stands at RO.20, 000,000 ($55,000,000 – agreed by the board of directors in November 2007) and still growing. The increase in capital was achieved as a direct result of bonus shares and increased investment which is indicative of both confidence that shareholders maintain and performance, as the company has issued dividends every year since its inception. Also, the premium income has increased to a staggering RO50 million ($115,000,000) by 2007, with an anticipated increase this year by 20%.
DHOFAR INSURANCE COMPANY (S.A.O.G) has a network of branches with 35 regional offices, with a growth plan for 3 more this year. These range from Khasab to Haima to Mazyouna, which includes the borders from Dubai to Yemen, providing efficient coherent services throughout the Sultanate of Oman. As a result of the increase in branches, premium and underwriting results the companies’ employees have increased from 7 in 1989 to 300 in April 2008, with further growth plans over the next five years.
Despite paying out in the region of OR70Million for Gonu related claims we still made an underwriting profit, proof of our underwriting guidelines and strength of international reinsurance support.
The total assets of Dhofar Insurance Company (S.A.O.G) exceeds OR180 million.
DHOFAR INSURANCE COMPANY (S.A.O.G) adheres to a strict Omanisation policy which currently stands at more than 75%, which increases to nearly 100% in the majority of the 35 regional offices. As part of this internal organic growth we have established a training centre which enables us to be at the forefront of technological developments both in the insurance industry and the world at large. Consequently we train our staff at levels that enable them to grow personally as well as professionally turning our team members into insurance professionals, advising our clients on best practices as well as industry standards.
DHOFAR INSURANCE COMPANY (S.A.O.G) has been honoured by his majesty’s government for the fourth consecutive year for our Omanisation program. We are also the recipient every year of the Green Card since the inception of this program in 1998. This culminated in, not just recognition in the Sultanate of Oman, but in the middle east as a whole, where we were also awarded the ‘Distinction in Employment of Nationals’ by the Gulf Council Of Arab Countries (GCC) in Kuwait on the 13th October 2004.
DHOFAR INSURANCE COMPANY (S.A.O.G) has over the years developed substantial relationships on an international level be it in the Europe, Middle East and the Far East, these partnerships have increasingly assisted on the re-insurance and training aspects, enabling us to insure risks beyond hundreds of millions. Over these years of cohesive partnerships and increasing underwriting results, we have systematically increased both our net retention and our overall capacity, consequently underwriting risks of various limits. Our re-insurance partners have extravagant capacities and have consistently offered support when required; they are of an extremely high international rating.
The leader of our Treaty since the establishment of Dhofar insurance is Munich Re.
Our Mission, Our Vision, and Our Shared Values
Dhofar Insurance (S.A.O.G.) mission is to help people manage the risks of everyday life, recover from the unexpected and realize their aspirations.
Consequently, we will create and manage in an atmosphere where employees are motivated to perform in a professional manner, offering the highest quality of products and services to our clients. Our philosophy is to maintain underwriting and pricing discipline, be goal oriented within and under a value system of moral integrity and take ownership through pride of workmanship
We are people, who make it our business to be like a good partner; who built a premier company by selling and keeping promises through our marketing partnership; who bring diverse talents and experiences to our work of serving our clients.
Our success is built on a foundation of shared values -- quality service and relationships, mutual trust, integrity and financial strength.
Our vision for the future is to be the customer's first and best choice in the products and services we provide. We will continue to be the leader in the insurance industry. Our customers' needs will determine our path. Our values will guide us.